Nifty below 7900, Sensex in red; Tata Steel up 4%

Moneycontrol Bureau10:45 am Market check: The marlet is slipping into red. The Sensex is down 22.23 points at 25794.13 and the Nifty is down 17.00 points or 0.2 percent at 7897.70.  About 1213 shares have advanced, 845 shares declined, and 106 shares are unchanged. Tata Steel is up 4 percent while Axis Bank, Hindalco, adani Ports and Coal India are top gainers while M&M, TCS, Reliance, Sun Pharma and Maruti are losers in the Sensex.10:20 am Buzzing: Credit rating agency CRISIL shares gained more than 13 percent intraday after reporting strong earnings growth in January-March quarter.

Consolidated net profit grew sharply by 40 percent year-on-year to Rs 78.6 crore and revenue increased by 16.6 percent to Rs 358.7 crore in last quarter of financial year 2015-16.

"The quarter saw a strong growth in risk and analytics and financial research businesses under global research and analytics vertical while performance of India focussed businesses remained subdued because of weak investment demand & credit growth," Ashu Suyash, MD & CEO said.

Operating profit in Q4 jumped 30 percent to Rs 112 crore and margin expanded 320 basis points to 31.3 percent compared to year-ago period.

Also read - Good monsoon to create additional demand, boost growth: Jaitley10:00 am The market continues to rise as the Sensex is up 116.72 points or 0.4 percent at 25933.08. The Nifty is up 24.50 points or 0.3 percent at 7939.20. About 1210 shares have advanced, 514 shares declined, and 86 shares are unchanged.

Tata Steel, Hindalco, HDFC, Axis Bank and Coal India are top gainers in the Sensex. On the losing side are TCS, M&M, Maruti, Sun Pharma and Bharti.

Crude futures fell in early Asian trade after Kuwaiti oil workers ended a three-day strike that had cut production from the Middle Eastern country and data showed US stockpiles rose last week.

Kuwaiti oil and gas workers ended a three-day strike that had temporarily cut the OPEC member's crude production by nearly half.